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Morning Briefing for pub, restaurant and food wervice operators

Mon 17th Jul 2023 - BrewDog reveals plans to expand to 300 sites by 2030 as bar revenue grows 68% to £44m in 2022
BrewDog reveals plans to expand to 300 sites by 2030 as bar revenue grows 68% to £44m in 2022: Scottish brewer and retailer BrewDog has announced ambitious plans to expand its global bar estate, targeting 300 bars by 2030. The company currently operates more than 100 bars and hotels across the world and has announced plans to open another 200 venues in key markets across the globe over the next seven years. These include new openings this year in India, UK, Italy, Netherlands, Australia, USA and Thailand – as well as the opening of the first US franchise location in Denver, Colorado. In the coming years, new locations are also planned in China and South Korea. Within the next five years, the craft brewer anticipates its total system revenue from bars (which includes its owned bars and franchise locations) to exceed £1bn. BrewDog has identified India as a key growth market and has already taken steps to brew locally and is opening five new sites in the country by the end of 2023. Over the next five years, BrewDog anticipates it will have opened 25 new bars across the country. It follows a period of significant growth of BrewDog’s bar estate, with landmark sites opening in London Waterloo and Las Vegas in the fourth quarter of 2022 – both of which have exceeded expectations, with BrewDog Waterloo now serving more than 15,000 people per week. In 2022, revenue from BrewDog bars grew by £44m (up 68% year-on-year), with Las Vegas and Waterloo delivering £5.5m of revenue in the final quarter of the year. In 2023, BrewDog expects to see bar revenues grow by a further £26m (up 25% year-on-year), with Las Vegas and Waterloo representing £20m of this growth. Earlier this year, BrewDog announced it has partnered with UK-based transport hub foodservice specialist SSP Group, with the first site due to open at Gatwick airport in December 2023. The announcement forms part of BrewDog’s “Future Growth Blueprint”, as it outlines it plans to build one of the world’s leading beer brands over the next ten years – building on the company’s “Blueprint” launched in 2022 to mark the company’s 15th anniversary. BrewDog chief executive James Watt said: “15 years ago, we opened our first flagship venue in Aberdeen, and since then we have opened more than 100 venues across the globe. Last year we opened our two most ambitious bars yet in Las Vegas and Waterloo, and in a tough economic climate both have vastly exceeded our expectations. The success of our new landmark locations is testament to our strategy of investing in high footfall locations and creating unique environments that redefine the bar experience – everything from coffee shops and workspaces, to hidden cocktail bars, podcast studios, ping pong, bowling and our own beer school. In some locations we even have a micro-brewery on site, so our customers can learn to brew for themselves. Our goal now over the next decade is to become one of the world’s leading breweries, with people, planet and quality beer at its heart. That’s why we are doubling down on moving the needle for craft beer. This is not about winning in craft; this is about changing the world of beer forever.” Last month, BrewDog reported a “strong” start to 2023 with sales in the first quarter up 20% year-on-year as “momentum continues to build”. It came as the business saw record-breaking revenue of £320m for the year ending 31 December 2022, up 13% from 2021 (£268m). BrewDog Retail features in the Propel Turnover & Profits Blue Book, the latest edition of which was sent to Premium subscribers on Friday (14 July). Its turnover of £44m is the 163rd highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email to upgrade your subscription.

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